Two ways to refinance — one smart benefit.

If you already have a VA loan, refinancing might be one of the easiest ways to lower your payment, reduce your rate, or access your home equity — without giving up the powerful benefits of VA lending.

But when it comes to refinancing, you’ve got two main options:

• The VA Streamline Refinance (IRRRL)
• The VA Cash-Out Refinance

Each serves a different purpose — and choosing the right one depends on your goals.

Let’s break them down.

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🚀 Option 1: VA Streamline Refinance (IRRRL)

The VA IRRRL — often called a “Streamline Refinance” — is designed to make refinancing as simple and fast as possible.

✅ Best For:

• Lowering your interest rate
• Reducing your monthly payment
• Moving from an ARM to a fixed-rate loan
• Refinancing quickly with minimal documentation

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🧾 Key Features:

• No appraisal required
• No income or asset verification
• No credit check in some cases
• Lower funding fee (0.5%)
• Faster closings (often under 3 weeks)

📘 You must refinance an existing VA loan into a new VA loan — and there must be a clear financial benefit.

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💰 Option 2: VA Cash-Out Refinance

Want to access your home equity to pay off debt, renovate, or build a financial cushion?

The VA Cash-Out Refinance lets you replace your current loan with a new, larger one — and take the difference in cash.

✅ Best For:

• Accessing cash from your home equity
• Paying off high-interest debt
• Making home improvements
• Refinancing a non-VA loan into a VA loan

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🧾 Key Features:

• You can refinance up to 90% of your home’s value (in many cases)
• Cash can be used for any purpose
• Requires full documentation (income, appraisal, credit)
• Standard VA funding fee applies
• Still no PMI, even with less than 20% equity

💡 Yes — you can use this even if your current loan is FHA, Conventional, or another type.

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🧮 Quick Comparison

Feature	VA Streamline	VA Cash-Out
Purpose	Lower rate/payment	Access cash or change loan type
Appraisal	Not required	Required
Income verification	Not required	Required
Credit check	Often waived	Required
Max LTV	100%	Typically 90%
Closing speed	Fast	Standard timeline
Existing VA loan required	Yes	No (can refi from other types)

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🧠 Which One Is Right for You?

Choose VA Streamline if:

• You already have a VA loan
• You want to reduce your payment or rate
• You want the simplest, fastest option

Choose VA Cash-Out if:

• You want to tap equity
• You want to refinance out of a different loan type (FHA/Conventional)
• You’re consolidating debt or funding major expenses

Not sure? We’ll help you compare both options side by side.

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🏢 Why PRMI?

PRMI is a VA-approved direct lender, which means:

• We process and close in-house
• We specialize in helping veterans optimize their VA benefits
• We’ll give you honest, pressure-free advice on which option fits

Whether you’re saving, simplifying, or cashing out — we’ll help you do it the smart way.

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👇 Ready to Explore Your VA Refi Options?

Let’s walk through your current mortgage, home value, and goals — and help you choose the best path forward.